Preheat the oven to 325 degrees F.
For the cake: Grease and flour a 9-inch tube cake pan. Cream the butter and sugar until light and smooth. Add the eggs and vanilla extract, beating well. Mix in the vanilla wafer crumbs, coconut and pecans. Pour into the pan and bake for 1 hour and 15 minutes. Allow the cake to cool in the pan for 10 minutes before turning out onto a rack.
For the glaze: Mix the sugar, cornstarch, salt, lemon zest and juice, 1 1/2 cups of water and coconut in a medium saucepan. Cook over medium heat, stirring until thickened, for about 15 minutes. Let cool slightly, then using a toothpick, poke several holes in the top of the cake and drizzle the glaze over the cake.
Recipe adapted from Home Cooking with Trisha Yearwood (c) Clarkson Potter 2010